Discounted Cash Flow (DCF) Analysis Unlevered

Groupe Partouche SA (PARP.PA)

18.6 €

+0.70 (+3.91%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.86 | 18.6 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 406.88410.84433.49343.46255.70230.23207.30186.66168.07151.33
Revenue (%)
EBITDA 83.0957.2575.8650.1135.2136.9433.2629.9526.9624.28
EBITDA (%)
EBIT 40.2314.9229.25-11.74-40.490.470.420.380.340.31
EBIT (%)
Depreciation 42.8642.3346.6161.8475.7036.4732.8429.5726.6223.97
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 116.41109.93119.13138.44178.8188.9180.0672.0864.9058.44
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 7.769.379.199.215.995.224.704.233.813.43
Inventories (%)
Accounts Payable 15.8817.451519.1239.6315.0513.5512.2010.989.89
Accounts Payable (%)
Capital Expenditure -64.51-66.45-55.82-36-34-31.63-28.48-25.64-23.09-20.79
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.6
Beta 1.269
Diluted Shares Outstanding 9.61
Cost of Debt
Tax Rate -5.45
After-tax Cost of Debt 1.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.796
Total Debt 287.40
Total Equity 178.80
Total Capital 466.20
Debt Weighting 61.65
Equity Weighting 38.35
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 406.88410.84433.49343.46255.70230.23207.30186.66168.07151.33
EBITDA 83.0957.2575.8650.1135.2136.9433.2629.9526.9624.28
EBIT 40.2314.9229.25-11.74-40.490.470.420.380.340.31
Tax Rate 15.61%68.04%41.77%-24.75%-5.45%19.05%19.05%19.05%19.05%19.05%
EBIAT 33.954.7717.03-14.64-42.700.380.340.310.280.25
Depreciation 42.8642.3346.6161.8475.7036.4732.8429.5726.6223.97
Accounts Receivable ----------
Inventories --1.620.18-0.033.220.770.520.470.420.38
Accounts Payable -1.57-2.454.1220.50-24.58-1.50-1.35-1.21-1.09
Capital Expenditure -64.51-66.45-55.82-36-34-31.63-28.48-25.64-23.09-20.79
UFCF 12.30-19.395.5615.3022.73-18.593.723.353.022.72
WACC
PV UFCF -17.733.392.912.502.15
SUM PV UFCF -6.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.80
Free cash flow (t + 1) 2.77
Terminal Value 98.99
Present Value of Terminal Value 78.31

Intrinsic Value

Enterprise Value 71.52
Net Debt 108.59
Equity Value -37.06
Shares Outstanding 9.61
Equity Value Per Share -3.86